Wholesalers, particularly in the Asian-Pacific region, remained cautious throughout the quarter–contributing to the weakness, Geneva-based Richemont said. On the flip side, retail sales remained solid and business in Europe and the Middle East benefited from tourists.

Richemont shares slump over 2% in early trade Thursday.

However, the news may not be all bad. ”What was interesting was that wholesale was pretty weak while retail was pretty strong,” said Kepler analyst Jon Cox. “So it is only a matter of time before the independents start reordering again.”

Continuing the negative theme, shares in Carrefour dropped over 3% early Thursday after the French retailer reported a drop in overall sales in the fourth quarter.

The company said sales were €22.2 billion for the period–down from €22.85 billion a year earlier as a result of weaker currencies in Brazil and Argentina. For the full-year Carrefour’s sales slipped to €84.32 billion from €86.56 billion.

Organic sales, which strips out currency swings and gasoline sales, rose 3.2% in the quarter and 2.5% over the full year.

Despite the overall drop in sales, Clive Black, an analyst at Shore Capital Stockbrokers, describes these results as “highly creditable”, as they provide “further evidence of recovery by a group that has sustained considerable challenges in recent years.”

The pact stipulates that Germany increases its voting rights in Airbus to 11% and France reduces its to the same level.

The French government now holds just over 13%, noted Andy Chambers, an analyst at Cantor Fitzgerald Europe. This is “not a significant event for the share price, which is centered around the execution of two major civil aircraft programs over the current two year period and growth thereafter,” Mr. Chambers added.

That said, the sale of the Airbus stake is also part of the government’s “active management” of its assets. Mr. Moscovici has said the French government intends to keep stakes in businesses it considers strategic, while selling others in a bid to raise cash for investment and to cut public debt.

Mr. Hollande said the French government wouldn’t tap regular budget funds but would use proceeds accumulated through the disposal of various state assets, in the event it made a formal decision to invest in Peugeot.

However, Peugeot’s shares have dropped over 2% in early trade Thursday.